If you're already banking with Natwest, I'd say open a student bank account with them as you then get the free 5-year Rail Card. However, if you aren't already banking with them, this won't be offered to you.

Otherwise, the ones I'm looking at are Halifax and HSBC, each with maximum £3000 0% overdrafts although there are no minimum overdraft guidelines, which basically means they could give you something rubbish like a £300 overdraft.

I've also looked at the Co-operative Bank, since they offer a minimum £1400 overdraft, potentially maxing out at £2000. I'll probably end up choosing the Co-operative Bank myself, as soon as my university gets itself in gear and makes my offer unconditional (it's based on health checks as I'm a gap year applicant).

(Original post by CraigKirk)
If you're already banking with Natwest, I'd say open a student bank account with them as you then get the free 5-year Rail Card. However, if you aren't already banking with them, this won't be offered to you.

Otherwise, the ones I'm looking at are Halifax and HSBC, each with maximum £3000 0% overdrafts although there are no minimum overdraft guidelines, which basically means they could give you something rubbish like a £300 overdraft.

I've also looked at the Co-operative Bank, since they offer a minimum £1400 overdraft, potentially maxing out at £2000. I'll probably end up choosing the Co-operative Bank myself, as soon as my university gets itself in gear and makes my offer unconditional (it's based on health checks as I'm a gap year applicant).

You should also consider Santander, decent overdraft limits and a £50 cashback incentive!

I'm considering sticking with Nationwide. I know they don't have a specific student account, but:
A) I've been with them for ages, I know how it works, etc
B) after the whole credit crunch thing, I don't trust a bank to be responsible with my money
C) I've got enough that I won't go into overdraft (hopefully), I have a few grand of savings that I can access, and if it all goes tits up I can beg for help from my parents.

You might want to look up Martin Lewis Money Saving Expert. He has a section on student bank accounts.
I personally have a number of accounts. I have my loan and bursary paid into a Barclays student account and then drip feed a weekly allowance into my NatWest student account and this is what I live off. All my regular payments such as accommodation etc come out of my Barclays. I also have a longstanding Nationwide Flex account just for bits of savings if I ever have any.
Check the Ts&Cs of the accounts. I think that Barclays required me to have my loans paid into their account and NatWest required that I use a certain amount of money each month. Both of which I do using my current system. Railcard is useful but only if you use it. Overdrafts are good but only if you don't go over and realise that it is still debt and you'll be that much short when your next loan comes in.
Also check out who carries their accounts on to Graduate accounts as this is useful when you do graduate.

I would go for HSBC. I'm switching now because NatWest has been a nightmare. They are really bad when it comes to setting up payments for accommodation and that sort of thing. I ended up almost losing £1200 because of it.
My friends who use HSBC say it's really good.

I'd suggest Co-operative bank. They may not offer the most but it's not a very well known bank which means the queues are very small if not nonexistent, and finding someone to talk to about your finances in there isn't tricky at all.

(Original post by CraigKirk)
If you're already banking with Natwest, I'd say open a student bank account with them as you then get the free 5-year Rail Card. However, if you aren't already banking with them, this won't be offered to you.

Otherwise, the ones I'm looking at are Halifax and HSBC, each with maximum £3000 0% overdrafts although there are no minimum overdraft guidelines, which basically means they could give you something rubbish like a £300 overdraft.

I've also looked at the Co-operative Bank, since they offer a minimum £1400 overdraft, potentially maxing out at £2000. I'll probably end up choosing the Co-operative Bank myself, as soon as my university gets itself in gear and makes my offer unconditional (it's based on health checks as I'm a gap year applicant).

(Original post by Mousebudden)
Anyone able to reccomend the best student account to open when applying for student finance?

Cheers

I'm with coop and permanently have about £1000 of my overdraft stored in a high interest account so that it can make me money. They also have good customer service. It's a massive hassle to set up lots of accounts.

I have heard co-op is really slow to set up, and TBH I dont know what this fascination is with large 0% overdrafts. Even if you put the full £1400 into a 3.5% savings account. Its only made you £49 pounds in a year. Which works out at about £1 per week. You could essentially save that money over a week by choosing to skip a chocolate and a packet of crisps...

The ONLY rational reason for a student to expose themselves to credit is to meet the covering of costs if their loans are late. But I would say get a £500 overdraft or something and use that. But don't fall into the idea of having £1,400 on tap as if you do come up short. Its in your name, and no one will bail you out.

People find it daunting sometimes, but only those either uneducated or with no experience of banking generally find this so. I set up a loyalty ISA with Barclays the other day and I set it up and left inside 30 minutes.

Basically:

Barclays - Excellent customer service and an excellent online banking system. £200 0% overdraft usually offered when opening, but it can be extended.

Natwest/RBS - £500 overdraft usually offered. If you're not with them for a current account or havent been with them previously then you wont get the railcard...

HSBC - High overdraft limits, but likely to be well less than £1000.

Co-op - Large guaranteed overdraft. "Ethical banking". As well as one year to repay any outstanding overdraft once graduated.

Think of your future. Its probably better to get a reputation on file with a solid high street bank now (Barclays for me) than waiting until graduation. + Very often the high calibre accounts from those banks can generally offer you more. Also, in adult life you will NEVER have an extended 0% overdraft period for a time of years...

I will probably open my student account with Barclays as I currently have my savings and current account with them. Banks are not "evil", but if you are stupid and over spend on money you know isn't yours and you are caught by a credit noose. Then its your fault.

There are plenty of ways to save money without imagining the need for a large overdraft:

- 1 month rolling phone contracts. Get a phone thats FUNCTIONAL with a qwerty keyboard and relax at paying £10 a month while others bleed £30 a month in long term contracts to have a "2.3Ghz" processor which does NOTHING useful.

- Pre drink if you go out, but dont get smashed as this results in overspending usually and stupid / very bad things happening sometimes if you are someone who cant control themselves when drunk.

- Use £1 per pint nights and stuff like that, try to make the pub or drinking a good social thing made a day or too in advance. Not just a "dave do you wanna pint?" moment which will last about 20 mins, cost money and you will go your separate ways having gained nothing extra.

- Always apply for the MAXIMUM grants and loans as well as MAXIMUM bursaries and things like that, basically any NO REPAYMENT/STUDENT LOAN stuff you can get. Put it all into a high interest easy access account. Also add any part-time work in there. Use online banking to then transfer money to your current account at short notice (e.g. you are going to the pub tomorrow), which should be available right away... Don't leave £1000's sat in 0% interest. Throw any money you have immediately into your savings as interest is calculated at close of business and every little helps...